Advantages
The property is going to be new and free of any defects or areas that need to be repaired
Depending on your state and if you’re willing to live in the property for a short period after you purchase it, there are generous government concessions available for new-home buyers
Newer buildings may be in areas around that are newly constructed and feature brand new parks and facilities
Disadvantages
If you purchase the property before it’s completed you may not know exactly what it will look like
New properties can be more expensive than established or older ones
New properties can be located in suburbs or locations that are also newly established and are further travel times
There are two general ways to purchase a new property, according to Loan Market experts - buying off the plan or buying a house and land package.
